Cinedigm Partners with Future Today, Inc. to Distribute and Monetize Viewster Streaming Service
March 21 2019 - 6:15AM
Cinedigm Corp (NASDAQ: CIDM) announced that it has entered into an
agreement with Future Today, Inc, a market-leading OTT platform and
one of the largest AVOD channel networks in the world, to
distribute and Monetize Viewster, Cinedigm’s general entertainment
ad-supported service.
Under the terms of the agreement, Future Today will relaunch
Viewster across all channels of distribution including connected
televisions, set-top boxes, mobiles applications, and the web.
Future Today will also leverage their proven advertising technology
and sales capabilities to monetize the service, which is expected
to relaunch on the Future Today platform within the next 30
days.
Founded in Zurich, Switzerland in 2007, and acquired by Cinedigm
in February 2019, Viewster is a core element of the Company’s
ad-based content strategy, offering an eclectic entertainment
library of more than 6,000 films and series. Viewster’s content
spans a wide array of genres, including animation, anime, comedy,
documentaries, drama and horror.
Future Today, owns and operates more than 700 content channels
with more than 60 million app installs, and manages more than
200,000 film, television and digital content assets that currently
receive more than 85 million video views per month in a variety of
categories including entertainment, movies, food & lifestyle,
animation, and kids. Future Today’s cloud-based technology
and ad-based monetization platform manages OTT services for more
than 350 content owners, producers, distributors and major media
companies helping them launch and monetize complex Connected TV
channels across devices in a matter of days.
“Future Today is the perfect partner to take our acquisition and
monetization of Viewster to the next level,” said Erick Opeka,
President of Cinedigm Digital Networks. “They are experts at
quickly relaunching ad-supported OTT services and dramatically
improving watch times, user engagement, and revenue potential.”
“Viewster is a great brand and a pioneer in the AVOD space,”
said Vikrant Mathur, co-founder of Future Today. “We look forward
to revitalizing the service’s market position and market
potential.”
Cinedigm recently announced that it has entered into a
definitive agreement to acquire Future Today for $45 million in
cash and $15 million in Cinedigm Common stock. The transaction is
expected to close in the second calendar quarter of 2019 and is
subject to customary closing conditions.
About CinedigmSince inception, Cinedigm has been a leader at the
forefront of the digital transformation of content distribution.
Adjusting to the rapidly transforming business needs of today’s
entertainment landscape, Cinedigm remains a change-centric player
focused on providing content, channels and services to the world’s
largest media, technology and retail companies. Cinedigm’s Content
and Networks groups provide original and aggregated programming,
channels and services that entertain consumers globally across
hundreds of millions of devices. For more information, visit
www.cinedigm.com.
About Future TodayEstablished in 2006 by Founder and CEO Alok
Ranjan and Co-Founders Vikrant Mathur, Sumeet Anand and Sharib
Khan, Future Today, Inc is a pioneer and leader in the OTT media
and technology landscape having launched its first suite of OTT
channels in 2011. The company has also successfully developed
popular channels like HappyKids.tv and Fawesome.tv. To date, the
company has amassed more than 60 million downloads of their more
700+ channels across a diverse segment of categories including
food, lifestyle, news, sports, kids and entertainment. The
self-funded company runs a well-managed, cost-efficient and
profitable operation. For more information, visit
www.futuretodayinc.com
Safe Harbor StatementInvestors and readers are
cautioned that certain statements contained in this document, as
well as some statements in periodic press releases and some oral
statements of Cinedigm officials during presentations about
Cinedigm, along with Cinedigm's filings with the Securities and
Exchange Commission, including Cinedigm's registration statements,
quarterly reports on Form 10-Q and annual report on Form 10-K, are
"forward-looking" statements within the meaning of the Private
Securities Litigation Reform Act of 1995 (the "Act").
Forward-looking statements include statements that are predictive
in nature, which depend upon or refer to future events or
conditions, which include words such as "expects," "anticipates,"
"intends," "plans," "could," "might," "believes," "seeks,"
"estimates" or similar expressions. In addition, any statements
concerning future financial performance (including future revenues,
earnings or growth rates), ongoing business strategies or
prospects, and possible future actions, which may be provided by
Cinedigm's management, are also forward-looking statements as
defined by the Act. Forward-looking statements are based on current
expectations and projections about future events and are subject to
various risks, uncertainties and assumptions about Cinedigm, its
technology, economic and market factors and the industries in which
Cinedigm does business, among other things. These statements are
not guarantees of future performance and Cinedigm undertakes no
specific obligation or intention to update these statements after
the date of this release.
For more information:Jill
Newhouse CalcaterraCinedigmjcalcaterra@cinedigm.com310-466-5135
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